Debt Recovery Companies Are Not Created Equal

Debt 6There are many judges in the court of public opinion and they don’t always see the big picture. Thanks to social media, consumers are constantly being updated with “objective” views on various products or industries. The court of public opinion has been a tough space for the debt collection industry despite the valuable role that those companies play in helping the economy recover.

Debt recovery companies are highly regulated. It’s something that became necessary decades ago when a few companies took advantage of debtors and left them feeling like victims. Congress got involved and in 1996 established the Fair Debt Collection Practices Act. This Act was built to provide protection to consumers. It also helped create a level playing field for debt recovery companies that operate with professional conduct and ethical practices.

Despite the act of Congress, there remains an opinion among the public that collection agencies are unscrupulous companies that have no compassion for the financial hardships of debtors. Complaints against various debt recovery companies get published with only one side of the story getting any press. The data behind the complaints get no analysis and many assumptions are made.

Despite all the bad press, debt recovery companies are providing a vital service to the business sector by helping them regain lost profits in an ethical and above-the-board manner. The reason? Most business owners are wary of their public image being sullied by debt collection attempts, which means the debt recovery company they partner with has to be fair and kind to the debtor. Without a gentle touch, no company would ever risk their brand’s public image and lose the customer base just to recover old debt.

It’s true that not all debt recovery companies are created equal. While some might be operating with ethical treatment and follow every rule and regulation, others do it better. Courtesy, consideration and patience are tactics that work, not only to please the client and retain their position within the court of public opinion, but to work out a solution that gets the debtor back on a better financial track.

Some consumers are doing everything they can to resolve their debt, but they need guidance. Debt recovery companies are experts at working out a schedule that can fit the budget of the consumer while resolving their debt, which is likely hurting their credit health. Credible debt recovery companies will listen to what the consumer has to say and develop a plan that works for the debtor and the client.

Omega-RMS, llc., has the trained staff as well as the top-notch software and hardware that assist companies like yours in recovering debt you thought you’d have to write off. Omega has your best interests in mind, too. We aren’t going to strong-arm your customers into paying debt at the expense of your public image. Not only will we put you in a better financial position by recovering your debt, we’ll also make certain that your customer base remains loyal to your brand.